As the calendar turns to 2020, you’re probably resolving to be better about different aspects of your life. One popular resolution: to be better with your money. If that crossed your mind, that’s great — we want to help you make this the year you take your finances to the next level. Our financial New Year’s resolutions are some simple steps that can help you get started on some popular financial goals now.

1. SAVE MORE, A LITTLE AT A TIME

It’s not easy to go from saving 5 percent of your salary to 20 percent overnight — that would be like trying to bench press 150 pounds the day you start your “get in shape” resolution. But just like weight lifting, you can work up to a big number over time.

Financial Resolution To-do: Automate your savings (if you haven’t already), and up the amount you save by small amounts, like 1 percent at a time. You could up it by 1 percent now, and then by another 1 percent on your birthday if you, say, get a raise later in the year. Then keep doing that year after year until you’re saving about 20 percent of what you make.

2. BE MORE TAX-EFFICIENT

Sure, you do your taxes every year. Maybe you even itemize deductions to help lower your tax burden for more than what the standard deduction would provide. But are you being strategic about your taxes — for both now and the future?

Financial Resolution To-do: There are many strategies you can look into to be more tax-efficient overall, so it’s worth doing a deeper dive to see where you’re potentially missing out. For instance, how you save for retirement can make a big difference in what you’ll owe in taxes today and in retirement. There are also tax-friendly accounts that can help you with other goals like saving for future college costs or covering health care expenses. A financial advisor can show you different strategies for your financial plan that can simultaneously help you work toward your goals while keeping tax efficiency in mind.

3. BE WISE WITH YOUR DEBT

Not all debt is bad. Good debt, like mortgages, can ultimately help you grow your net worth or reach important personal goals. Bad debt, on the other hand, usually has a high interest rate and doesn’t provide much of a benefit to your financial situation. Whether you’re repaying credit cards or taking on a mortgage, resolve to be strategic about your debt in 2020.

Financial Resolution To-do: Have a plan when it comes to taking on debt or paying it down. For example, mortgages are at historically low rates. And with rising home values, 2020 might be a great year to trade up to your dream home — or refinance your existing mortgage, borrow some extra and get started on that big home renovation you’ve been thinking about. Provided the new payment works within your budget, this can be a way to use debt to your advantage and turn your home into a place where your family will make wonderful memories.

But if you have credit card debt, resolve to use a strategy to start paying it down. Strategies like the debt avalanche method (paying down the highest-interest-rate debt first) or the snowball method (paying off the lowest balances first) can often help you get out from under your debt more quickly.

4. UPDATE YOUR FINANCIAL PLAN

As your life changes, the financial plan that you made a year or two ago (or further back) may be less and less relevant. It’s important that your financial plan reflects where you are today to get you where you want to be in the future.

Financial Resolution To-do: If you don’t have a financial plan, resolve to get one in 2020. If you do have one, make sure you check in with your financial advisor this year to make tweaks as you go through changes in your life. That could be small moves like updating your budget to something bigger like funding a new long-term goal.

And don't overlook certain tasks that may be necessary, like updating your insurance. For instance, a big home renovation means you may want to increase your homeowner’s coverage; or if you got a big raise, you may want to increase your life insurance.

5. ENJOY YOUR MONEY

Sometimes resolutions can have a bit of a negative connotation. It’s more enjoyable to sleep in and eat a custard-filled donut than to hit the gym and have a salad. But getting in shape doesn’t mean a diet of nothing but dry greens. The same is true with your money: When you’re taking the right steps to reach your financial goals, you may find that you’re more confident about spending your hard-earned money on the things you value.

Financial Resolution To-do: Don’t let getting your finances in shape come at the expense of enjoying yourself. Financial planning — like so many things in life — is all about balance. Sure, you might not be able to go out for nice dinners every day, but a few times a month shouldn’t be out of the picture, if it’s important to you. Resolve to find the right financial balance so that you can tackle your future financial goals and live the life you want today.

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